Diesel: $5.07 (down 7 cents).
But, in March fuel prices were up 27%! Are brokers passing fuel surcharges (FSC) on fast enough? By their very nature, FSC is in arrears—so when prices rise fast, the carrier is playing catchup—add delays (e.g. from a broker) and carriers have a cash crunch.
Why is oil at $94/barrel today? Who knows? Maybe traders see a recession. Here are some news items:
• Germany on Friday suggested it could shut off oil imports from Russia before the end of the year.
• Ukraine urges the world’s major oil traders (Vitol, Trafigura, Glencore, etc.) to stop handling Russian crude
• Italy on Mon will sign a gas import deal with Algeria as the country scrambles to find alternative suppliers to Russia
A University of Arkansas study found that mandatory electronic logging devices on trucks haven’t reduced road accidents.